Newmont earns US$40 million on gold purchase
Newmont Mining (NYSE) recently took advantage of low gold prices to buy 375,000 oz. of gold on the forward market. The new reserve will be used to pay off the balance of a one million oz. gold loan sc…
News
Mixed results from drilling at Contact Lake
Widely-spaced holes designed to test the Muskeg and Owl showings on the Contact Lake gold property in northern Saskatchewan have all returned uneconomic intersections, says partner Westward Exploratio…
Shipping lane could prompt boom north of Yellowknife
The MV Arctic set sail this week from Halifax en route to the Nanisivik terminal on Baffin Island to pick up about 25,000 tonnes of lead and zinc concentrates before heading to Europe. In June, the sh…
S.A. Goldfields looks to future
If a merger between South American Goldfields (TSE) and Golden Star Resources (TSE) proceeds as planned, the amalgamated company would expect to be “a medium-sized and rapidly growing” gold producer b…
TSE Short Positions (May 04, 1992)
Semi-monthly reports as of April 15, showed 26,377,283 shares of 619 issues compared with 24,177,660 shares of 587 issues on March 31. Larger individual positions included: Amax Gold 122,250, down 21,…
New investment being turned off
A growing obsession with environmental regulations and an unnecessarily complicated tax structure are discouraging new investment in Canada’s mining industry, says Lars Eric Johansson, chief financial…
Private development Gold mine in works for the Timmins area
The economy here is in for a shot in the arm perhaps as early as year’s end thanks to a new gold mine being developed about 90 miles to the southwest. Kian Jensen, administrator of the privately owned…
Westmin closing Stewart mine
Full-scale operations at the Premier Gold project near Stewart, B.C., will be closed by June 30 of this year. Operator Westmin Resources (TSE) plans to continue exploring the area, and will continue m…
Industry must move faster, Bacon warns
Canada’s mining industry must move faster if it wants to compete in new global markets which demand high-quality metals at competitive prices. That was the nub of a speech Quebec Energy Minister Lise …
Dessir grabs headlines after salting scam reported
Western markets continued a prolonged slide during the week ended Apr. 28. The VSE composite index closed down 16.02 points at 615.20 while the resource index managed a more modest loss of 3.28 points…
Placer announces layoffs amidst gold-market slump
The slump in the gold industry finally extended its reach to Placer Dome’s Campbell mine in northwestern Ontario during the week ended April 28 when 99 employees learned that they were losing their jo…
Noranda may venture into magnesium
Faced with having to control capital expenses in tough economic times, Noranda (TSE) will cut its exploration spending to $112 million this year from $147 million in 1991, said President David Kerr at…